WASHINGTON (Reuters) – The Federal Reserve announced on Friday it was withdrawing from a global body of central banks and regulators dedicated to researching how to manage climate risk in the financial system.
In a statement, the Fed said it was abandoning the Network of Central and Supervisory Authorities for the Greening of the Financial System (NGFS) because its expanding scope was beyond the Fed’s statutory mandate.
The Central Bank joined the group in 2020.
